Find the markup on a bike whose price is Rs. 45,000 for 73 days at the rate of 10% per annum?
Answer: Rs. 900
Explanation
To find the markup (interest), we can use the formula:
Interest = Principal * Rate * Time
Given:
Principal = Rs. 45,000
Rate = 10% per annum = 0.10
Time = 73 days / 365 days (convert to years)
Time in years = 73/365
Interest = 45000 * 0.10 * (73/365)
= 45000 * 0.10 * 0.2
= 900
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